Daily Updates

DGFT: Import of Oxytocin shall remain Prohibited. However, import of Oxytocin reference standards falling under HS Codes 29371900, 29372900, 29379019, 29379090 and all HS Codes at 8 digit level under 3004 is permitted exclusively for the purpose of test and analysis subject to submission of Test License issued by the DGCI / CDCSO. (Notification No. …

DGFT: Import of Oxytocin shall remain Prohibited. However, import of Oxytocin reference standards falling under HS Codes 29371900, 29372900, 29379019, 29379090 and all HS Codes at 8 digit level under 3004 is permitted exclusively for the purpose of test and analysis subject to submission of Test License issued by the DGCI / CDCSO. (25.05.2022) Read More »

DGFT: Prohibition on export of wheat – RAs to manually sign Registration Certificate to avoid any misuse since the digitally RCs have not been integrated with the ICEGATE system of Customs (Trade Notice No. 10/2022-2023 dated 24th May 2022)

SEBI: SEBI issues Master Circular for Commodity Derivatives Market , which will supersede previous Master Circular (MASTER CIRCULAR No. SEBI/HO/CDMRD/DMP/P/CIR/2022/64 dated 17th May 2022)

SEBI: SEBI simplifies procedure and standardization of formats of documents for transmission of securities (Circular No. SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/65 dated 18th May 2022)

DGFT: Amendment in import policy condition of Fresh Ginger under Chapter 09 of the ITC (HS) 2022, Schedule -I (Import Policy). (Notification No. 07/2015-2020 dated: 19th May 2022)

DGFT: Amendment in Export Policy of Bamboo Charcoal (Notification No. 08/2015-2020 dated 19th May 2022)

DGFT: The last date for submission of online applications for allocation of Tariff Rate Quota (TRQ) under India—UAE CEPA first two quarters of FY 2022-23 (01 May 2022 to 30 Sep 2022) has been extended till 31.05.2022. (Public Notice No. 08/2015-2020 dated 19th May 2022)

GST: CBIC Extends due date of filing FORM GSTR3B for the month of April 2022 till the 24th day of May, 2022 (Notification No. 05/2022–Central Tax Dated 17th May 2022.)

GST: CBIC extends due date of payment of tax for the month of April, 2022 by taxpayers under QRMP scheme in FORM GST PMT-06  till 27th May, 2022 (Notification No. 06/2022-Central Tax dated 17th May 2022)

Income Tax: Circular regarding use of functionality under Section 206AB & 206CCA – Tax Deduction or Collection at Source For Not Filing of Income Tax Return under Income-tax Act, 1961 (Circular No. 10 of 2022 dated 17th May 2022)

Customs: Fixation of revised Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver w.e.f 14th May 2022 (Notification No. 41/2022-CUSTOMS (N.T.) dated 13th May 2022)

RBI: Lending by commercial banks to NBFCs and lending by Small Finance Banks (SFBs) to NBFC-MFIs, for the purpose of on-lending to certain priority sectors, was permitted up to March 31, 2022 which has now been decided to allow the above facility on an on-going basis. (RBI/2022-23/50 FIDD.CO.Plan.BC.No.5/04.09.01/2022-23 dated 13th May 2022)

DGFT: The Export Policy of Onion Seeds has been put under ‘Restricted’ category, with immediate effect. (Notification No. 05/2015-20 dated 13th May 2022)

DGFT: The export policy of wheat is ‘Prohibited’ with immediate effect except for shipments fulfilling certain conditions (Notification No. 06/2015-2020-DGFT dated 13th May 2022)

SEBI: Guidelines towards application in Annexure A for seeking NOC by Stock Brokers / Clearing Members for setting up Wholly Owned Subsidiaries, Step Down Subsidiaries, Joint Ventures  in GIFT IFSC. (Circular No. SEBI/HO/MIRSD/DoR/P/CIR/2022/61 Dated 13th May 2022)

SEBI: Relaxation from dispatch of hard copy of Annual Report to debenture holders (Circular No: SEBI/HO/CFD/CMD2/CIR/P/2022/62 , dated 13th May 2022)

GST: In order to further streamline the process of disposal of refund applications and to provide a platform for the dealers/taxpayers to register their grievances related to the pending refund applications, such dealers/taxpayers can now file their grievances with the department through the DVAT Portal by filling a simple Refund Grievances Redressal Form. (Circular No.F.3(433)/GST/Policy/2022/1268-77 …

GST: In order to further streamline the process of disposal of refund applications and to provide a platform for the dealers/taxpayers to register their grievances related to the pending refund applications, such dealers/taxpayers can now file their grievances with the department through the DVAT Portal by filling a simple Refund Grievances Redressal Form. (16.05.2022) Read More »

GST: Press release is issued to resolve the affected taxpayers whose certain records are not reflected in the GSTR-2B statement for the period of April 2022. However, such records are visible in GSTR-2A of such recipients and hence clarification is issued for the interim period wherein taxpayers interested in filing GSTR-3B are requested to file …

GST: taxpayers whose certain records are not reflected in the GSTR-2B statement for the period of April 2022, such records are visible in GSTR-2A of such recipients (16.05.2022) Read More »

Others: Food Safety and Standards (Ayurveda Aahara) Regulations, 2022 has been introduced (Notification No. F.No. Stds/SP-05/A-1)

Sales Tax / VAT: Telangana Government have decided to introduce a One Time Settlement Scheme to settle disputed tax under the legacy Acts of Sales Tax and Value Added Tax (G. O. Ms. No. 45 , Dated: 09-05-2022)